New opportunities for your retirement strategy

New opportunities for

your retirement strategy

Announcing enhancements to the Florida Gulf Coast University

403(b) Plan

Transition Guide

Table of contents

Enhanced features to help you plan and save for retirement ................................................................................. 1

Key dates for retirement plan updates ........................................................................................................................ 2

Participants currently with AIG, Jefferson National, MetLife/Brighthouse Financial,

Symetra and/or Voya: Your transition experience ................................................................................................... 3

Your transition experience ......................................................................................................................................... 4-5

The new FGCU investment lineup .............................................................................................................................. 6-7

Retirement plan fees ........................................................................................................................................................ 8

Retirement plan loan changes ........................................................................................................................................ 8

New plan features ............................................................................................................................................................. 9

Roth after-tax contribution option ............................................................................................................................. 10

Retirement planning resources ..................................................................................................................................... 10

Q&A ...................................................................................................................................................................................... 11

Disclosures .................................................................................................................................................................... 12-13

We¡¯re here to help ........................................................................................................................................... Back cover

Informational events ...................................................................................................................................... Back cover

Enhanced features to help you plan and save

for retirement

Florida Gulf Coast University (FGCU) is making several enhancements to the 403(b) retirement plan, offering new

investment options, services and tools that can help you plan for your retirement savings goals.

W A single service provider for the retirement plan.

After a thorough review of all the vendor options

in the market, the Retirement Committee and our

independent retirement plan advisor, CAPTRUST,

selected TIAA to deliver comprehensive retirement

services at a reasonable cost to our plan participants.

Having one service provider enables FGCU to offer

the most robust service platform at the lowest cost

for plan participants.

W New fee structure. A new fee structure that

modernizes the plan and allocates recordkeeping

costs evenly across all investments.

W New account for participants currently with AIG,

Jefferson National, MetLife/Brighthouse Financial,

Symetra and/or Voya. As a plan participant, you will

receive a new account with TIAA. Your current balances

with the discontinued providers will remain in those

accounts. This may be a good time to review your

retirement accounts and consider a consolidation.

You can sign up for a one-on-one consultation with a

TIAA financial consultant to review your options within

the FGCU plan.

W Online salary deferral. The new online salary deferral

will be available at fgcu. All features of your

plan will be accessible at this site. Simply complete

the electronic agreement anytime to start or update

your contributions. You will now be able to contribute

based on a percentage of your salary or elect a

maximum contribution rate based on IRS limits.

W New investment options. FGCU and CAPTRUST, an

independent retirement plan/investment advisor,

carefully selected a range of best-in-class investments

monitored daily, including several with lower costs.

These options will also include a self-directed

brokerage account, providing access to additional

investment choices.

W New loan features. Retirement plan loans will replace

the collateralized loans that are offered today.

W New self-directed auto increase feature. You will have

the option to set up self-directed auto increase to help

build your savings faster.

W Roth option. Roth after-tax contributions are available

for more tax savings flexibility. These contributions and

any earnings will be tax free at withdrawal if certain

conditions are met.

W Retirement plan investment advice. You can continue

to receive advice on the investment options from a

TIAA financial consultant.

W New self-directed brokerage option. FGCU is adding

a brokerage option to the lineup. A self-directed

brokerage option provides access to additional

mutual fund investment choices.

No longer employed by FGCU? Although you are not actively contributing to the retirement plan, you have

balances in one or more accounts. While you don¡¯t have to take action at this time, you should review this

information to learn how the changes may affect you.

Questions? Call 800-842-2252 or visit fgcu

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Key dates for retirement plan updates

Key dates

Events

September and

October 2021

Educational informational events to inform you of the changes. See back cover for

more details.

October 11, 2021

New fund lineup, lower fees, self-directed brokerage and new style of loans take effect.

New fund lineup available to view at fgcu.

October 11-31, 2021

Open enrollment period at TIAA.

November 1-14, 2021

Quiet period: You will not be able to make changes to your contribution rate or enroll in the

plan during this time due to system upgrades.

Week of

November 8, 2021

If you are currently contributing to the plan with AIG, Jefferson National, MetLife/

Brighthouse Financial, Symetra and/or Voya, and did not enroll with TIAA, your

contributions will now go to TIAA. A new account will be set up with TIAA and you will be

sent an enrollment confirmation. The same amount of contributions you were deferring

to the plan will now be deferred into your account at TIAA.

November 15, 2021

TIAA is now the sole recordkeeper for the plan.

New Auto Save option and online salary deferral features available.

2

Questions? Call 800-842-2252 or visit fgcu

Participants currently with AIG, Jefferson

National, MetLife/Brighthouse Financial,

Symetra and/or Voya: Your transition experience

Open enrollment period

If you are currently contributing to the plan, you should enroll in an account with TIAA

and select investment options between October 11-31, 2021, at fgcu. After

you enroll, you will receive an enrollment confirmation.

If you do not enroll and make an investment election by October 31, 2021, you will be

automatically enrolled in a new TIAA account during the week of November 8, 2021.

Your contributions will be directed to a TIAA-CREF Lifecycle Fund that corresponds to

your anticipated retirement date. You may change this investment at any time. Your

beneficiary designation will be set to ¡°Estate.¡± Once you receive your enrollment

confirmation, you should log in to your account to review your investment options and

designate a beneficiary for your account.

What happens to future contributions and existing balances

Starting with your November 17, 2021, payroll, all future

contributions will be directed to TIAA.

Future contributions

Existing balances

If you enrolled by October 31, 2021, and selected your

investments, future contributions will be directed to

the options you chose. If no selection was made or you

were automatically enrolled, future contributions will

be directed to your new TIAA account and invested in

the TIAA-CREF Lifecycle Fund that corresponds to your

anticipated retirement date. For example, if you will

turn 65 in 2044, contributions will be directed to the

TIAA-CREF Lifecycle 2045 Fund.

Any account balances you have with AIG, Jefferson

National, MetLife/Brighthouse Financial, Symetra and/or

Voya will remain in your existing account. While the

changes outlined in this guide do not affect those account

balance(s), it is important that you review this information

to stay informed on all investment and service updates.

If you would like transfer an account balance to TIAA, you

can contact a TIAA financial consultant.

Action steps:

Decide how to invest.

A TIAA financial

consultant is

available to

provide retirement

investment advice

and answer your

questions. Schedule

a session using the

information on the

back cover. There is

no additional cost to

you for this service.

Check your beneficiary.

It¡¯s important to

keep your beneficiary

information up to

date. Review your

choices and make

changes if needed.

Attend an

informational event.

Learn more about

the retirement plan

changes. See the

back cover for a

schedule.

If you currently receive retirement plan distributions and/or have loans

You will receive additional communications if any actions are required. Please note:

New loans will not be available on existing balances at AIG, Jefferson National,

MetLife/Brighthouse Financial, Symetra and/or Voya. You have the option to transfer

these balances to TIAA, where you can take out new loans.

See Disclosures beginning on page 12 for important details on Investment,

insurance and annuity products.

Questions? Call 800-842-2252 or visit fgcu

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